Grants NM Family Dollar & Verizon 698 Roosevelt Avenue, Grants, NM Cap Rate 8.75% Grants ( New Mexico, US ) Built

$1,139,000 USD
Dollars

BAI-MEX Bienes Raíces y Negocios

  • Type: Commercial
  • Style: Commercial
  • Size: 13,600 sq. ft.
  • Development Level: Built

Description

Grants NM Family Dollar & Verizon 698 Roosevelt Avenue, Grants, NM Cap Rate 8.75%

Cap Rate: 8.75%
NOI: $99,682
Building Size: 13,600 sqft
Occupancy: 100%

Price: $1,139,000 USD

DESCRIPTION
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a two-tenant, NNN leased, freestanding, Family Dollar and Verizon Wireless investment property located in Grants, New Mexico. Family Dollar Stores of New Mexico, Inc. (S&P: BBB-) currently has more than 3.5 years remaining in their initial lease term with 4 (5-year) options to extend. The lease features 5% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The other tenant, Russell Cellular, Inc., d.b.a. Verizon Wireless has approximately 3 years remaining in their initial lease term with 1 (3-year) option to extend. Russell Cellular, Inc. is an exclusive Verizon Authorized Retailer specializing in wireless communication services and is one of the nation’s largest Verizon Wireless Retailers, maintaining over 658 stores in 37 states. Both leases are NNN in nature, limiting expense leakage for a new investor.

The subject property is strategically located along State Highway 547 (10,600 VPD) and is 2.0 miles north of Route 66 (15,100 VPD), the primary retail and commuter thoroughfare serving the city of Grants. Additionally, the site benefits from nearby direct on/off ramp access to Interstate 40 (24,000 VPD), a major east/west freeway serving the Southern United States. The Family Dollar & Verizon Wireless property sits as an outparcel to Lobo Canyon Shopping Center, a 50,000 SF neighborhood center anchored by Smith’s Food and Drug. The shopping center is ideally positioned adjacent to Cibola General Hospital (50,000 SF), a 25-bed general acute care hospital featuring 24-hour emergency care, pediatric dentistry, primary care, radiology, and more. Route 66 is the primary retail corridor within Grants, with other nearby national/credit tenants including Walmart Supercenter, Walgreens, Bealls, AutoZone Auto Parts, O’Reilly Auto Parts, and more, increasing consumer draw to the immediate trade area and promoting crossover store exposure for the site. Moreover, the asset is surrounded by several apartment complexes including Grants Apartments (49-units), Sunray Apartments (48-units), and New West Apartments (46-units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by nearly 13,000 residents and 6,200 employees with an average household income of $51,000.

For more information:
Javier Tamez Martínez.
jtamez@bai-mex.com
Celular: +52 (81) 1599 75 36
Podemos encontrar propiedades comerciales e industriales para invertir en cualquier ciudad y estado de estados unidos.

Attachments

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Information is deemed to be correct but not guaranteed.